@raclut I assume your comment about SAHM or not is directed at me.
I’m asking because if the second parent isn’t working…and college finances are going to be an issue, maybe that parent could get at least a part time job to help with college costs. Most colleges don’t guarantee to meet full need…so this actually could benefit this student.
@thumper1 No not at all. The original post talked about them being dual income but a coworker’s family was single income because the wife was a SAHM. OP expressed frustration because she chose to be a SAHM instead of earning an income. I am simply saying who are we to judge someone else’s circumstances. I was addressing OP.
There are many valid reasons one decides to be a stay at home parent. Each family has their own priorities and values. What I am saying is they don’t owe justification for their choices to anybody.
Choosing an expensive school is a choice not a requirement. Some people would rather chase merit aid and others don’t want to take on any debt. Others choose a school based on prestige and ranking and are willing to take on the costs. OP is discussing applying to a school that maybe above their budget and needs to assess what their priorities are in regards to school choice
It’s very hard when the school seems to be above the family budget…for any reason. And very often folks try to think that really…those net price calculators…are wrong.
The only REAL financial aid award is the one actually given by the colleges. So,really the only way to know is to apply…and see.
BUT…it is heartbreaking for a kid to apply to a number one school…and get accepted…only tombe told they can’t attend because of finances. At that point…there are no other options on the table.
In my opinion…better for families in this position to cast a broad net in terms of applications…and be able to compare net costs amongst a group of acceptances and awards. If the tippy top school isn’t the one where the money was forthcoming…it will be a lot easier to let it go when there are other options from which to choose.
In this situation, I would not allow my kid to apply ED…unless I was prepared to pay.
Op made the following statements to which I think @raclut was responding to
I agree that it is best not to count other people’s money as no matter what your friend is telling you, you really have no way of knowing what is going on inside of that marriage.
If he makes the same amount as you and you make the same amount as your spouse, tit is highly unlikely has an EFC of 0 unless he has a whole houseful of kids and other people that s/he is taking care of, especially if you and your working spouse has a minimum EFC of 25k (combined income of ~100k) . Considering that the overwhelming majority of schools in the country no not meet 100% demonstrated need, the only thing a 0 EFC guarantees you is $5890 in Pell and a loan of $5500 ($3500 subsidized). Now your friend may be eligible for 0 parent contribution at schools with deep pockets if income is below a certain threshold (100k at Stanford, ~50k at Columbia and Cornell, 60k at Harvard, free tuition at Dartmouth for under 75K or other initiatives like Questbridge, but that is a different issue). For many of these schools and other schools that meet 100% demonstrated need, the biggest hurdle is getting admitted.
You are very fortunate, if you can afford $45k per year to send your child to college . This means that your child will have may choices that your friends child does not.
When you file for financial aid at schools that meet 100% demonstrated need, most will ask for the FAFSA to determine your eligibility for federal aid because PELL grants are an entitlement-if you are eligible for them you must receive them. The FAFSA will also determine one’s eligibility for FWS, SEOG, TEACH grants (junior/ senior year if student decides to become a teacher) and any state aid the student is entitled to if their home state 1) provides state aid and 2) attends college in their home state.
Most schools will use either the CSS profile or their own financial aid forms to determine how they distribute their own institutional aid . For divorced, separated or never married-not living together parents, the school will again request either their own form or the Non-custodial profile.
Colleges try to assure their own long-term well-being, so in trying to attract their desired students they try to dispense scarce aid dollars in a way most people feel to be fair. It doesn’t always work for everyone.
@thumper1 Spouse and I both work and our salaries are a similar amount.
@raclut Of course their family choices are none of my concern. I merely expressed frustration (not that friend’s wife is a SAHM but that they will, as a result, have 0 EFC). Your cautions re increasing tuition and planning for next kids make sense. Our income can weather the modest increases in tuition and our next child will overlap one year with oldest. Next one won’t overlap at all. Each child’s 529 is healthy, will grow over time, and will see them each through their college years. And yes, we “could” in theory pay more, but that would mean taking our other children out of private school, which we will not do.
@vonlost and @BelknapPoint Every time I talk to another parent or come on cc, I am blown away by what I don’t know. And sometimes it’s essential stuff! Yikes. It’s comforting to see that folks have come out the other end with a sense of humor and optimism!
I’m confused. What IS your family contribution? Unless it’s less than $5000…your friend does NOT have a $0 EFC.
Well…unless they have three kids in college at the same time…or have a family with nine or so dependents.
You say your net cost is calculated at $25,000 or more. If your friends income is half of yours…how would their net cost be $0…unless they were applying to HYPSM or have lots of kids in college…or a family with lots of dependents.
Adding…
To have an auto $0 EFC, income has to be less than $30,000 a year.
^^ this is just a little anecdote to the SAH thoughts; a good-SAH-friend’s daughter qualified for a special scholarship In our state – for in-state public school tuition if EFC is below 15K. The daughter qualified as her bro was in college. The very smart D did not receive this scholarship. Friend is mostly sure that’s because she chose not work. We know several kids who’ve received it over the years; several had deceased parents or were from single parent families; none from families with stay home parents. There were some lines on the form asking about the stay-home parent. the SAH parent felt penalized, but also understood it was a choice.
That’s all; carry on.
@sybbie719 How do I quote from a particular post? I can’t figure it out. Anyway, our EFC is not $25k, it’s approximately $52k. And friend’s child is only applying to schools that meet 100% of demonstrated need (Harvard, Smith, etc). Part of our EFC equation is due to our 529 investment. And true that I know very little about friend’s circumstances.
Anyway, enough about them!
@thumper1 I couldn’t agree more. Which is why I posted originally. I wanted to get a good handle on what EFC I should expect/hope for so I could make an appropriate decision re ED. The thread has kind of morphed into something else. Anyway, ultimately he may want to ED somewhere that we can totally afford! Wouldn’t that be a win-win!? Or he may decide not to ED at all. Regardless, he is nearly finished with his common app and all the supplements required for his ~8 schools. We will be completely finished by the end of Oct in time to get all his apps in for 8 schools (as of now…may go up or down after visits, I imagine). We’ve got 3 EA (all safeties), 3 RD match, 2 RD reach. If he decides to ED somewhere, we will still apply to these schools. I figure the $600 in fees is like insurance. Plus, he’s gotten a few “waived” fees for some of the schools.
If your EFC is $52,000…then your income would,have to be in the $200,000 a year range…or so.
Even if your friends income was half…they would not have an auto $0 Cost to attend college.
So…forget about them…and concentrate on YOU.
If your family contribution is $52,000…then exoect to be paying about that amount for your kid to attend college per year. If that is NOT affordable…look at less expensive schools.
I still say…unless you are willing to pay…don’t let him apply ED.
Keep in mind you will be completing the financial aid forms each year. Your income and financial situation may change year to year due to unforeseen circumstances. When you are filling out the forms now it is for an estimate of freshman year costs only, not for the next four years. When you fill the forms the following year you might find you owe a different amount. (likely more) Take into account the distance from home. Air travel is expensive especially if they plan to travel home over the holidays. (peak time) If you have two children in college at the same time the scenario will change as far as aid.
Based on what you described - dual income, three kids in private school, funded 529’s realize you are in a better situation than a lot of families so you should feel fortunate that you were able to provide your children with such opportunities. Not every family has that luxury.
Another thing to think about is what your children plans to study in college. Will a bachelor’s degree be their terminal degree or will they need to pursue further graduate studies? Would you be contributing to their education if they plan to continue with further studies? Will you still be able to save for your retirement if you do plan to contribute to their further studies. Each child’s application experience is going to be different and so will their needs.
I don’t know your situation but I myself would not apply ED. I personally would like to compare aid offers if that was possible and pick the school that was a good personal and financial fit. There are many good schools out there and I personally feel it is better not be hung up on one school. For those families where the cost is not an issue and they really like one school ED is very suitable option for them.
@thumper1 et al. Thank you for all your valuable insight. Much appreciated. And yes, I AM concentrating on our family. I regret voicing any frustration whatsoever with my friend’s situation. It seems to have taken over the thread, and I did not intend that. I shall now turn to booking a hotel for our next college visit!
how to quote:
[ quote] type what you want to say [ / quote]
remove space between [ and q
remove the spaces between the [ and /
remove the space between / and quote.
@sybbie719 Thanks!